§ Mr. McCartneyasked the Secretary of State for Scotland what is the extent of the Government's investment in Marathon, Clydebank, in relation both to loan and share capital.
§ Mr. Alexander FletcherMarathon Shipbuilding Company (UK) Ltd. owes the Secretary of State for Scotland the sum of £2.8 million, which is oustanding from a loan made at 6 per cent. interest under the Local Employment Act 1972.
A further £3.2 million of the original loan was converted into 32,000 7½ per cent. redeemable cumulative preference shares in Marathon Shipbuilding Company (UK) Ltd., which the Secretary of State holds. These shares have a nominal value of £100 each and carry no voting rights. No dividend has ever been paid by the company upon the shares.
The equity of Marathon Shipbuilding Company (UK) Ltd. comprises 1,933,000 ordinary shares of nominal value £1 each; the whole of this equity—and thus control of the company—is held by the Marathon Manufacturing Company of Houston, Texas, USA.